Surfwear maker Billabong International Ltd has lowered its full year earnings guidance in response to what it describes as "a further deterioration in trading conditions" in the US.

The slowing sales at both its wholesale and company-owned retail stores means earnings per share growth is now likely to be  between 6% and 10%, the company said today (4 December), compared with an earlier forecast for 12% to 16% growth.

The revised guidance implies full year sales growth in excess of 25%.

Billabong believes the weak conditions are likely to extend well into the financial year, but says it is resisting discounting its products.

"While forward orders remain good, some retailers have requested shipments to be delayed. Additionally, repeat business in November was weaker than anticipated," it said.